Since the beginning of the COVID-19 pandemic, millions of people have quit their jobs in search of higher salaries and more fulfillment from their work. Many have decided to stop working for others and to go into business for themselves. In fact, according to the U.S. Census Bureau, applications for new businesses hit a record 5.4 million last year. And while the number of applications has declined in 2022, it’s still well above pre-pandemic levels. If you’re looking to become your own boss, how do you know where to devote your time and money? Read on to learn which booming small businesses are a good investment.
Senior Assistance
It’s no secret that the population is aging. As the Urban Institute reports, “By 2040, about one in five Americans will be age 65 or older, up from about one in eight in 2000.” Most elderly people need some help with daily tasks, especially those people who choose to age in place in their homes. Transportation to medical appointments, home health visits, household chores, and errand running are just a few of the services that will continue to be in high demand for years to come.
Pet Care
Do you enjoy working with animals? If so, you might want to open a pet grooming service or become a pet sitter. According to the American Pet Products Association’s 2021-22 National Pet Owners Survey, 70% of U.S. households own at least one pet and more than $123 billion was spent on pets in 2021. Since a lot of people don’t like leaving their animals home alone when they’re at work or on vacation, pet sitting can be an extremely lucrative enterprise. Additionally, many pets require regular grooming, and both pet salons and mobile grooming services are booming small businesses.
Home Remodeling
Ever since the pandemic forced most of us to spend more time in our homes, Americans have been looking for ways to improve our living spaces. The tight housing market (and sky high prices) caused many people to opt for fixing up their current home rather than investing in something new. In a survey conducted by Discover Home Loans earlier this year, 79% of respondents said that they “would rather renovate their current home than move to a different one.” And Angi’s 2022 Home Project Survey found that “89% of homeowners are either currently planning or already working on home projects.” With so many people focused on home improvement, it’s no surprise that a number of booming small businesses are ones which offer remodeling services.
Of course, some home remodeling projects are more popular than others, and kitchen and bathroom renovations are consistently near the top of the most wanted list. Not only is kitchen remodeling the most popular project but it’s also the interior room renovation that people spend the most money on. That’s why a cabinet and countertop business is a great investment. When you buy into a reliable home services franchise such as Cabinet IQ, you’ll be positioned to help customers with many types of projects, whether they’re simply updating counters or completely redesigning a kitchen or bathroom.
Invest in Cabinet IQ
Founded in Austin in 2016, Cabinet IQ is a kitchen and bathroom remodeling franchise that is bringing fresh ideas and high-tech innovations to an often outdated industry. Our customer-focused approach to business consistently earns five-star reviews and has made us a household name in Central Texas. If you’re interested in tapping into the thriving home improvement industry, complete the form on our website. We look forward to sharing more information about one of the best small businesses to invest in right now–ours!
